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Making Tax Digital

MTD

What is Making Tax Digital (MTD)?

Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs.

HMRC is pushing to make tax digital and utilise software to improve efficiency.

What does MTD require?

Making Tax Digital requires taxpayers to sign up to digital software to file their returns to HMRC

MTD for VAT is already in place and means taxpayers now file their VAT returns through digital software directly to HMRC, this is often part of their Accountancy software (such as FreeAgent)

Making Tax Digital is being expanded to cover Income Tax Self-Assessment as of April 2024, which will mean self-employed, and landlords will need to ensure digital software is in place to meet this requirement.

The good news is, HMRC is allowing people to start signing up to this process now.

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How can Your Sidekick help?

We provide Accountancy software which is approved as Income Tax Self-Assessment compatible for MTD.

HMRC provide a list of compatible software, and you can see we are listed here.

For a low monthly fee, we will provide a FreeAgent licence giving you the ability to file returns digitally

Should you need it we can also offer support with self-assessment returns and more advanced Accountancy Support but if you are happy managing your own affairs then we can just provide the software and you can manage the rest!

Self-Employed

To ensure compliance with Income Tax Self-Assessment (ITSA) for MTD, access to FreeAgent software with the ability to;
  • Raise Invoices
  • Log Expenses
  • Complete Bookkeeping
  • Submit Payroll and RTI Returns
  • Submit MTD VAT returns
  • Submit MTD ITSA returns
  • Link Bank Feed
  • Produce Self-Assessment

Landlords

To ensure compliance with Income Tax Self-Assessment (ITSA) for MTD, access to FreeAgent software with the ability to;
  • Raise Invoices
  • Log Expenses
  • Complete Bookkeeping
  • Submit Payroll and RTI Returns
  • Submit MTD VAT returns
  • Submit MTD ITSA returns
  • Link Bank Feed
  • Produce Self-Assessment
  • Specifically designed for Landlords

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